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SECURE YOUR BANK ACCOUNT NOW| SEE THE LATEST METHOD SCAMMERS/FRAUDSTERS ARE USING TO WITHDRAW MONEY FROM ACCOUNT WITHOUT HAVING ACCESS TO YOUR BANK/CARD DETAILS.Nigerians Hopeful That Petrol Price Reduction Will Lower Food Costs as Festive Season Approaches. As the festive season draws near, Nigerians are cautiously optimistic that the recent drop in petrol prices will help bring down the cost of foodstuffs, which have been rising steadily in recent months. ...READ THE FULL STORY FROM SOURCE ...READ THE FULL STORY FROM SOURCE
The price of Premium Motor Spirit (PMS), commonly referred to as petrol, fell by ₦36 per litre in the past week, providing a welcome relief to consumers struggling with the ongoing increase in the cost of living.
Petrol prices have a direct influence on transportation costs, which make up a significant portion of the overall expenses involved in transporting goods, particularly food items, from farms to urban markets. With the reduction in petrol prices, there is hope that this will lead to lower logistics costs, and ultimately, cheaper food prices for consumers.
The reduction in petrol prices has sparked optimism among many Nigerians, who are hopeful that traders will pass on the benefits of cheaper transport to consumers by lowering prices on essential food items. As market activity intensifies ahead of the festive season, many are eagerly awaiting whether this shift in petrol prices will be reflected in the prices of staple food items such as rice, beans, yam, tomatoes, and other essentials.
Current Prices of Major Food Commodities:
Rice:
Vitally 50kg Long Grain Bag of Rice – ₦95,000
Parexcellence Premium Parboiled Rice Half Bag – ₦85,000
My Choice Bag of Rice – ₦96,000
25kg Bag of Rice – ₦47,500
Beans:
Sweet Pure Butter Beans (50kg) – ₦160,000
Brown Beans (50kg, from Maiduguri) – ₦90,000
A Rubber of Brown Beans – ₦7,500
Peeled Dried Honey Beans/Beans Flour – ₦15,000
Clean Hand Picked Oloyin Beans (50kg) – ₦175,000
Chad Sweet Brown Beans (50kg) – ₦90,000
Soyabeans (Very Dried) – ₦130,000
Peeled Beans for Moi Moi (20kg) – ₦80,000
Neat and Picked Pure Oloyin Sweet Beans (2.5kg) – ₦8,500
Garri:
One Paint of Garri – ₦3,900
Bag of Garri (50kg) – ₦45,000
Garri Ijebu – ₦70,000
100kg Bag of Garri – ₦100,000
Tomatoes:
Fresh Derica Tomatoes (Big Basket) – ₦180,000
Fresh Tomatoes (Basket) – ₦55,000
Royal Sun Plum Tomatoes (24 cans) – ₦32,000
Spaghetti:
Golden Penny Spaghetti (500g × 20) carton – ₦28,000
Palm Oil:
5 Litre Gallon – ₦7,500
25 Litre Gallon – ₦45,500
Onions:
Irish Potatoes:
Despite the reduction in petrol prices, it remains to be seen whether these savings will be passed on to consumers in the form of lower food prices. Many traders are still holding their breath, waiting to gauge how much the lower transport costs will affect overall market prices.
In addition to the cost of fuel, other factors such as supply chain issues, weather conditions, and seasonal demands also influence the cost of food. While the drop in petrol prices is a positive development, the extent to which it will affect food prices remains uncertain.SECURE YOUR BANK ACCOUNT NOW| SEE THE LATEST METHOD SCAMMERS/FRAUDSTERS ARE USING TO WITHDRAW MONEY FROM ACCOUNT WITHOUT HAVING ACCESS TO YOUR BANK/CARD DETAILS.
As markets remain busy ahead of the festive period, both traders and consumers are closely monitoring the situation, hopeful that this reduction in petrol prices will help make food more affordable for all.…Read -T.he.Full_Article.Here.
